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Bitfarms to Invest $240 Million in Bitcoin Mining Upgrade Ahead of Halving

Bitfarms plans a $240 million upgrade to triple hash rate, increase operating capacity, and boost efficiency, aiming for post-halving profitability.

  • Bitfarms plans a $240 million equipment upgrade to triple hash rate and enhance efficiency, gearing up for post-halving profitability.
  • Bitfarms reports 286 BTC mined, a monthly hash rate of 6.5 EH/s, and $123M liquidity, signaling robust growth and financial stability.

Global Bitcoin mining company Bitfarms announces plans to invest approximately $240 million towards upgrading its Bitcoin mining equipment as it aims to remain profitable after the Bitcoin halving in 2024.

In Bitfarms’s March 2024 Production and Operations Update, Chief Mining Officer Ben Gagnon, said:

“As we enter the Halving, we remain focused on our 2024 transformational fleet upgrade and expansion plan which triples our hashrate to 21 EH/s, increases our targeted operating capacity by 83% to 440 MW, and improves our fleet efficiency by 38% to 21 w/TH. This marks the largest growth in the Company’s history and propels us toward becoming one of the industry leaders in energy efficiency.”

According to the same report, in March 2024, Bitfarms generated a total of 286 BTC through its mining operations, boasting a monthly operating hash rate of 6.5 exahashes per second (EH/s). However, in March last year, the company mined 424 BTC with a lower hash rate of 4.8 EH/s.

Bitfarms’ BTC Monthly Production

As of March 31, Bitfarms possesses $66 million in cash along with 806 BTC in its treasury. At a BTC price of $70,400, the total value of its BTC holdings amounts to $56.7 million. This grants Bitfarms a combined liquidity of $123 million.

Edited by Harshajit Sarmah